Clegg launches £1 billion Regional Growth Fund
Deputy Prime Minister Nick Clegg has launched a £1 billion fund for regional businesses in areas which are at risk of being badly affected by public sector spending cuts.
The Regional Growth Fund will operate during 2011/2012 and 2012/2013. It is designed to drive private sector growth in areas which depend on public sector employment. Private organisations and public-private partnerships will be able to bid for funding toward projects and businesses that will support private sector growth. Mr Clegg also set out his plans to introduce Local Enterprise Partnerships (LEPs) to replace Regional Development Agencies (RDAs), which will consist of local businesses and councils. These partnerships will deal with enterprise, business start ups and employment.
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